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Serious About Your Crypto Project? Binance's CEO Says You Should Move (theblock.co) 42

Posted by msmash from the how-about-that dept.
Binance CEO Changpeng Zhao suggested crypto entrepreneurs might need to move to a country more favorable to cryptocurrencies and digital assets amid what appears to be a growing crackdown by U.S. regulators on the industry. From a report: "If you're serious about your project, moving to a new country may not be a bad thing," he said in a Twitter Spaces talk, citing Dubai, Bahrain and France among those places with more welcoming regulation. The comments come on the heels of the New York Department of Financial Services' move to stop Binance partner Paxos from issuing the BUSD stablecoin. Last week, the Securities and Exchange Commission ordered the Kraken exchange to stop offering staking services. "Most regulators at least claim they welcome people to talk to them, but I'm not sure how much access they really do give to people, especially entrepreneur, new projects without reputation," he said, adding that big firms like Binance do have access.
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Serious About Your Crypto Project? Binance's CEO Says You Should Move More

Serious About Your Crypto Project? Binance's CEO Says You Should Move

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  • Nigeria (Score:5, Funny)

    by PPH ( 736903 ) on Tuesday February 14, 2023 @03:29PM (#63292773)

    You might even be able to call ahead and get some locals to assist you in transferring your funds there.

    • Somalia might be good too, I heard they have great investment opportunities in the shipping industry too.

    • I have been meaning to have coffee with that nice prince I have been corresponding with recently.

    • That's great, because a Nigerian Prince - a real royal Prince, mind you - is supposed to send me a check for millions any day now.

              Brett

  • One more thing: (Score:4, Insightful)

    by Waffle Iron ( 339739 ) on Tuesday February 14, 2023 @03:30PM (#63292781)

    ... and don't let the door hit you on the way out.

  • Where else are you going to freely indulge in that scam?

  • Lol (Score:4, Interesting)

    by Ambigwitty ( 10261124 ) on Tuesday February 14, 2023 @03:36PM (#63292817)
    I recall deciding to interview with some crypto bros. During the technical interview, a trio of them kept asking questions about things I had just talked about, questions that made it clear they werenâ(TM)t keeping up with the conversation. Needless to say, they sent a rejection letter. The timing was perfect, because their rejection notification came while I was on the phone tentatively accepting an offer with a slightly less incompetent company in a more suitable industry for my tastes. In any case, why donâ(TM)t they use all that shit theyâ(TM)re HODLing to buy an island nation of their own?

  • Binance says the quiet part out loud (Score:5, Insightful)

    by TheMiddleRoad ( 1153113 ) on Tuesday February 14, 2023 @03:41PM (#63292845)

    They admit they're a scam and that any nation with rule of law should be off limits to cryptoscammers.

    • with its head up its ass and afraid of its own shadow...
      may be off limits to innovation going forward.

      The world will route around the damage of ignorant, prejudiced, overreaching legislation fetishes.
    • Anyone who has read a history book already knew that, because unregulated or poorly regulated financial markets always fail.
      The US economy lurched from disaster to disaster all through the 19th century until it took out the entire world's economy in 1929 and lessons were learned.

  • Cost savings? (Score:4, Insightful)

    by edi_guy ( 2225738 ) on Tuesday February 14, 2023 @03:45PM (#63292865)

    Sure your accounting costs will go down, but your bribery and extortion expenses will go through the roof.

    Also murder and kidnapping. The same sorts of countries that tend to have solid regulations around financial crook-ery are also pretty decent about charging and persecuting violent crimes, keeping a lid on them to some extent. These crypto bros should watch the Leo Prinsloo video. That could end up being their daily commute to the office.

    • Pretty sure you would have been on the first committee of cave dwellers to outlaw fire.
      • Fire provides a useful service that nothing else can.
        The only useful service cryptocurrency provides is a way for criminals to launder money.
        • Prohibitionist Propaganda.

          There are many valid uses for blockchain, cryptocurrency, and smart contract tech.

          Either you haven't looked them up, or you aren't equipped to grok them.
          • Okay.

            Name one thing I can do with bitcoin that I can't do with my bank account, which isn't because my bank does not wish to be a party to criminal activity.

          • Either you haven't looked them up, or you aren't equipped to grok them.

            There are other possibilities that you may not have thought of.
            For example: I've read history books, and am well aware of what happens with unregulated, or poorly regulated financial schemes. Because they crash 100% of the time.
            There is a very good reason all of your crypto currency schemes value themselves in $US. I bet if you try hard you can figure out why.

          • There's a big difference between "theoretically useful" and "practically useful".

            So far, no practical uses have been implemented that I have found.
            Nothing involving money, because no regulation. No one sane touches unregulated financial transactions, that's how you lose your money with no recourse to ever get it back. So no, no cryptocurrency "valid" uses. This could change with countries looking to regulate it.
            Proof-of-work is hideously inefficient ON PURPOSE, so anything using proof-of-work is automatical

            • The fact that you equate anonymity with loss of trust means you need to read up on what some of this technology really does.
              It's essence is to ensure trust (or more precisely, ensure the needed regular, predictable, fair outcomes that trust would provide) via the distributed, consensus-based algorithms and the shared, indisputable-state of the public albeit anonymous ledger.

              Look up ZKSNARKs for example.
               

              • No, it's essence is not to ensure trust: it's essence is to provide a transaction system when there is a huge LACK of trust. It can't "ensure trust", it merely provides a way to get things done when there isn't sufficient trust otherwise. If we have sufficient trust in one entity, we can let them handle the transaction process, because that is always going to be incredibly more efficient and safe. Errors can be corrected by the trusted entity, because they have the power to do that, and it's OK that they ha

                • You're too pessimistic about the ability to innovate for example a smart contract system that includes insurance against contract bugs, etc etc, It's early days for this tech yet. DEFI, for example, buggy as the "Cambrian explosion" phase of it is, is essentially rediscovering and codifying the complex systems that enable finance, including, when eventually stabilized into working versions, the needed checks and balances.

                  And I don't like to accept that the average human is really no smarter than a neanderth

  • Depending on your purpose... (Score:5, Interesting)

    by WoodstockJeff ( 568111 ) on Tuesday February 14, 2023 @04:01PM (#63292919) Homepage

    ... You may want to move.

    If you really have an interest in using "dot money" for good, you should not need to move your country, no matter what country you're in now. Even if you want it just to be "not bad", your current country should be fine.

    If, on the other hand, your plan is to make money fast and run, it is probably a good idea to base yourself in a country with limited laws and no extradition to your original country. Eliminate those troublesome links to your homeland that would call you back to face your victims.

    • Problem is, US legislation and enforcement, will be based on flawed metaphors and superficial analysis, and sound bytes. It will be using a nuclear bomb to trim the grass.

      So it is very likely to kill the necessary innovation of useful and not illegal uses of blockchain, cryptocurrency and smart contracts.

      Hell the current talk is they're going to basically ban proof-of-stake consensus mechanism. Just a minute ago they were freaking at the electricity use, and now they want to kill a viable solution to it.

      The

  • Adding France is a clever trick; unless you have some connection to France, it would be very difficult to do, and anyway they'll extradite you for money laundering. So it makes the list seem more legit, hey, there is even a modern Western country on it!

    • Re: (Score:3)

      by gweihir ( 88907 )

      Indeed. Hard to find anything the crapcoin peddlers say that is not at the very least a lie by misdirection.

  • 3rd world country with lax and/or dictator-whim-based regulation?

  • Sure. Do crime where people care less. (Score:3)

    by gweihir ( 88907 ) on Tuesday February 14, 2023 @04:29PM (#63293065)

    Sound advice for all scammers and other criminals.

  • "If you're serious about your project, moving to a new country may not be a bad thing," he said in a Twitter Spaces talk, citing Dubai, Bahrain and France among those places with more welcoming regulation.

    Welcoming regulation, except for example, Dubai, a country which still has the death penalty for being gay [wikipedia.org]. But hey, they loves them some crypto crime coins, so it's all good.

    I guess France works, if you don't mind all the cigarette smoke [youtube.com].

    • No man, Dubai is super cool. The sultan has so much oil money, so many Ferraris. The biggest truck in the world, just cruising the dunes. You can get a piece of the action too. You can buy a wife with 1 day's crypto dividends, keep her chained up at home while you go to the club. Live like a king in Dubai!

  • Dubai it appears is the destination for a lot of Russian developers. I bet they might be already working on some great crypto projects!

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